The North South divide is expanding - Published:15/12/07
Rampant house price inflation has expanded the North South split with average properties in London contravention the £300,000 barrier – double the cost of a house in the NorthA NATION alienated: The cost of a home in London is more than twice that in the north of BritainWhat's the property gossip See what This is Money readers have to speak and share your views on the message boardsthat's the caution from one economist Read the report and link the 'reader comments' debate: Property crashThe buy-to-let bubble is set to rupture, says a appreciated City analyst Read the report and have your say: Buy-to-letThe latest periodical regional house price report by the Halifax has revealed that the cost of an average house in London rose by 49% to £313,000, between April and JuneThis is more than twice the cost of a property across the North of England, where 'standard' homes cost £155,000, those in Yorkshire and the Humber cost £149,000 and those in the North West price £152,000Greater London has seen prices rise by 184% over the past year, approaching the cost of a home further out of reach for unparalleled buyers and young familiesAt the same occasion average house prices in the South East passed the £250,000 mark to place at £260,000Northern Ireland, where prices have risen by a staggering 47% over the history year, saw the highest house price price rises in the three months to the end of June, with the average house rising by 85% to hit £228,790The fast rise in prices there has been fuelled by investment spilling over the border from the state of Ireland, however with the Irish property marketplace faltering, experts predict growth in Northern Ireland will slowIn England, price rises of 43% in the North pressed house prices in the region above £150,000 for the first occasion to £155,000Yorkshire and the Humber, where three-month inflation was 23%, is the only region in England where the average house costs less than £150,000, although only fractionally so at £149,000 Scotland, with three-month price rises of 06%, is the only other place in Britain where homes price below £150,000 - with an standard of £140,000Signs that the market is cooling outside hotspot areas continued, with some regions redistribution falls between April and June Prices slipped by 28% in Wales, 11% in the West Midlands and 04% in the South WestOne-bedroom flats in many parts of London now cost more than the 3% stamp duty doorsill (£250,000), forcing first-time buyers to hand over at least £7,500 in dutyMeanwhile, the cost of a patio house in many areas has gone past the £500,000 mark at which trample duty hits 4%, forcing families to disburse at least £20,000 when they buyTim Crawford, Halifax group economist, supposed that if stamp duty thresholds had risen in row with house prices since 1997, the present £250,000 and £500,000 thresholds would stand at £720,000 and £1,440,000 respectivelyHe said: 'The typical homebuyer in London and the South East, in exacting, faces a rising tax burden due to the government's continuing failure to increase the inheritance duty and trample duty thresholds in line with house price inflation'HALIFAX local HOUSE PRICES APRIL - JUNE 2007RegionAverage priceThree-month % changeAnnual % changeHere's one "North-South split" issue you won't hear Northerners whinge on top of and on top of and on top of aboutSelect a loan term 12 months (1 year) 24 months (2 existence 36 months (3 existence 48 months (4 existence 60 months (5 existence 72 months (6 years) 84 months (7 years) 96 months (8 existence 108 months (9 existence 120 months (10 existencePlease select a type of insurance Life insurance Home and inside Car Breakdown services Health - medical Health - dental journey.
Read More:
The North South Divide Is Expanding >>
Homeowners hit by dual tax - Published:14/01/07
Millions of homeowners countenance a 'double whammy' of taxes from the soaring property marketplace, a report warns todayMore than 25m homes in England have been caught in Gordon Brown's senior stamp responsibility trap since 1997, according to the HalifaxIt says evidence numbers are now paying at least £7,500 when they buy a flat or home for £250,000 or moreAnd to add to their unhappiness, the huge rise in house prices income 15m homes are worth more than £285,000 - the level at which inheritance tax is paidMany families take for granted this tax is paid only by the wealthy but rising prices mean it now takes in more modest property, a BBC1 programme, Real Story, will make known tomorrow nightMike Warburton, a tax expert at Grant Thornton, said: 'Gordon chocolate is prepared to sit back and rent the money roll in at the expense of ordinary persons'Should individuals, who may have been basic rate taxpayers during their lifetimes, be usual to pay a higher rate of duty of 40% when they die'One of Mr chocolate's first moves when Labour came to power was to introduce stamp responsibility bands Under these, owners pay one% on a home value between £125,000 and £250,000, three% over £250,000 and four% over £500,000But the two senior bands have not been changed since 1997, trapping more persons into paying the duty due to a 162% increase in house pricesthan £250,000 This was a 175% increase on the amount waged in 2000/2001, a sign of how many more homes are attracting the higher speedCaroline Spelman, the Conservatives' local government spokesman, supposed: 'Labour has deliberately frozen the thresholds for stamp duty in spite of huge increases in house prices'It is clearly just another stealth duty, like council duty, to enrich the Treasury at the cost of home-owners'Inheritance tax was worth a record £21bn during the first seven months of this year, more than was collected in the whole of 1999/2000The Halifax wants the Chancellor to raise the two senior stamp duty thresholds in line with home price inflation to £650,000 and £13m in his pre-Budget Report tomorrowThe banking and mortgage giant says trample duty has encouraged house-buyers to extend their house, rather than buy a bigger one, in an effort to avoid paying a huge tax billAlmost 650,000 planning applications were lodged in England last year, typically from people deficient to create an extra bedroom or more livelihood spaceSelect a loan term 12 months (1 year) 24 months (2 natural life 36 months (3 natural life 48 months (4 natural life 60 months (5 natural life 72 months (6 natural life 84 months (7 natural life 96 months (8 natural life 108 months (9 natural life 120 months (10 natural lifePlease select a type of insurance Life insurance house and contents Car Breakdown services Health - medical Health - dental Travel make a fuss of.
Read More:
Homeowners Hit By Dual Tax >>
'North-South gap the widest ever' - Published:01/11/06
THE North South property divide reached a record height in June as prices continued to boom in southern regions, info showed todayThe Royal Institution of Chartered Surveyors supposed the cost of a home in London rose at its best rate for six-and-a-half natural life during the month, while in the South East cost rises reached a four-year highIt said the gap between prices in London and the relax of the country was now the largest it had ever recorded, based on the number of surveyors treatment price rises compared with those who saw cost fallsWhile the London market had lagged behind the rest of the country since 2002, a physically powerful financial services division had created a mini-boom while the rest of the country took a breatherland agents in the capital have reported a harsh shortage of properties on their books but no lack of buyers In some of the most popular locations first-time buyers desperate to secure properties have been approaching through the £250,000 boundary and paying at least £7,500 in trample dutyThe runaway rise in prices since the start of the year has led to fears that a novel generation is taking on serious financial risks by stretching themselves with interest-only mortgages not linked to any income of repaymentThe Rics figures come the daylight hours after property website Rightmove said house prices in England and Wales had soared in front by 29% during the four weeks to July 8, their strongest go up for almost five yearsBut the group said the rise in prices was being ambitious by the strong southern market, with high levels of demand here continuing to outdo supply, leading to prices in the South East rolling ahead by an average of £12,000 during the four weeks• This is Money's sister website This is House Pricescouk can show you how muh your fellow citizen paid for their home Search by address or postcode at wwwthisishousepricescoukRICS said nowadays that across the whole of the UK, 28% more chartered surveyors reported considering price rises than those who supposed there had been falls - the fastest pace for more than two years and up from 21% more in May But it added that while prices in London and the South East were deafening, growth was more subdued across the rest of the countryThere were only reasonable rises in Northern England, the South West, Scotland and the West Midlands, while the cost of possessions remained virtually level in Wales, the East Midlands and East AngliaHowever, the group added that across the state enquiries from potential buyers sustained to rise, while the number of sales agreed also increased for the second month in a line The amount of novel property coming on to the market fell slightly for the first time since October last dayRICS spokesman Ian Perry supposed: 'A strong economic climate continues to encourage the accommodation market with rising unemployment doing little to discourage the consumer Contrary to expectations, the World Cup and unstable monetary markets have had little impact, a sign that the market remains fit and consumer confidence is strong'The RICS figures contrast with those just reported by mortgage lenders Halifax and countrywide, which showed the property market slowing down countrywide reported three months of subdued growth, with prices increasing by just 01% in April, 02% in May and 03% in June, while Halifax supposed prices edged ahead by just 01% during May, while they cut down by 12% in June• This is Money brings you the most excellent news, features, advice and comment If you were interested in this article then follow these links for five more of our top recent pieceschoose a loan term 6 months 1 day 18 months 2 days 3 natural life 4 natural life 5 natural life 6 natural life 7 natural life 8 years 9 years 10 yearsPlease select a kind of insurance Life insurance Home and inside Car Breakdown services Health - medical physical condition - dental Travel Pet - dog Pet.
Read More:
'North-South Gap The Widest Ever' >>
